In the month of March WE have paid Insurance premium but due to some issue we have cancelled the same in march month. but now in this month june we have received insurance premium refund after deduted Rs.981/- Please suggest entry in the books of account.
09 August 2020
Deduction needs to be debited, Bank needs to be Debited and Insurance premium which was earlier debited now will be required to be credited.
CAclubindia
